The Teachers’ Retirement System of the State of Illinois assigned two New York City-based credit managers to its absolute return portfolio.
BlueMountain Capital Management and Claren Road Asset Management will manage $50 million apiece in various credit alternative opportunities, according to the $35 billion retirement system. Last fall, trustees approved a tactical investment plan for its $1.2 billion absolute return portfolio that calls for the selection of as many 12 single manager hedge funds over the next two to three years.
The goal is to increase the size of the hedge fund programme to 5% from 2.5%. In